The Finder Generation Game #2 – Spending
Welcome to Finder's Generation Game – a weekly series looking at how each generation compares when it comes to the big personal finance topics.
Fancy yourself a generation genius? See if you can predict which generation comes out on top with our interactive quizzes.
How we spend
There are plenty of things to spend your hard-earned cash on in the modern age. But what are we actually spending it on, and which generation are the biggest spenders?
Submit your guess above.
The results
Last week we showed that gen Z were actually the most diligent savers, saving an average of $793 a month.
But it turns out they're pretty good at spending money too.
They top the generational charts on average weekly spend on both online shopping (a staggering $416 a week) and food delivery and takeaway ($112 a week).
Combined, that's more than $27,450 a year. Expensive habits.
In comparison, boomers spend a modest $25 a week on food delivery and takeaway, followed by millennials on $72 and gen X on $85.
All 3 generations also spend less than $200 on online shopping, not even half that spent by gen Z.
Millennials pay the most on average for streaming services ($50.60 a month), with gen X ($41.80), gen Z ($41.70) and boomers ($41.30) all paying more than $40 a month.
Keeping up appearances
Looking good doesn't come cheap, but how much are we actually spending to maintain and improve our appearance?
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The results
Millennials are the only generation to average more than 1 botox session over the last year, but trail both gen X and boomers when it comes to the average number of hair appointments. Priorities.
The average Australian also spends $27 a week on their gym membership, with millennials paying the most ($28.80 a week) and boomers paying the least ($20.50) on average.
Travel ain't cheap
Anyone that has tried to book a holiday post-COVID will know the pain all too well, but how much are each generation actually spending on their trips in 2024?
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The results
It seems the older you are, the more likely you are to splurge on more expensive flights.
Boomers spent an average $2,709 on their most recent international flight, followed by gen X on $2,489, millennials on $2,225 and gen Z on $1,287.
Accommodation is a different matter though. Millennials shelled out a shocking $4,016 on their most recent accommodation on average, almost double that of the other generations.
We hope it was a long stay. Or the Ritz.
What we owe
It's one thing spending your own hard-earned cash, but which generation is the best at spending money they don't have?
Submit your guess above.
The results
When it comes to credit card debt, there's a clear generational discrepancy. Both millennials ($1,713) and gen X ($1,716) are carrying heavy debt on average, compared to only $624 for boomers and $923 for gen Z.
It's a slightly different story regarding buy now pay later (BNPL). Millennials again are the most indebted, owing an average of $427 on Afterpay and the like.
Gen Z are second ($318), followed by gen X ($286) and boomers with a measly $22 owing on average.
What would you do if you were given $50,000?
This isn't strictly part of the Generation Game remit, but it's interesting nonetheless.
What would the average Australian do if they were given a cool $50K?
It turns out we're a pretty sensible bunch overall.
42% of Australians would put some or all straight into their savings account and 25% into a term deposit.
25% would also use it to pay off their home loan and 18% towards paying off debt in general.
Only 17% of Aussies would splurge by putting some or all of the money towards a holiday.
The cost of living crisis strikes again.
That's it for this week's Generation Game. Come back next week when we tackle Housing – and another chance to test your knowledge.